Tottenham chairman Daniel Levy says the coronavirus pandemic represents the biggest challenge of his 20-year tenure and has vowed to make sure the virus does not “undermine the future stability of the club”.
Levy was speaking as the club announced their financial results for 2018-19, when Spurs recorded £460million in revenue – the fourth most in the Premier League.
A quarter of that income was a result of their run to the Champions League final, highlighting just how important it will be for Jose Mourinho to get them back into the competition when the season resumes.
Financial results, year end 30 June 2019 – https://t.co/aFEASsDMSa— Tottenham Hotspur (@SpursOfficial) March 18, 2020
The move into their new stadium also helped revenue increase, with a £27million jump in corporate and hospitality income.
However, overall profits were down almost £45million on 2018’s figure of £113million, to £68.6million.
That drop is a trivial matter compared to the wider concerns over the Covid-19 pandemic, which has stopped the football season in its tracks.
“We are painfully aware that it seems wholly inappropriate to be giving any attention to the prior year’s financial results at a time when so many individuals and businesses face worrying and difficult times,” Levy said in a statement.
“We are, however, legally required to announce these by 31 March 2020.
“We are all facing uncertain times both at work and in our personal lives. I have spent nearly 20 years growing this club and there have been many hurdles along the way – none of this magnitude – the COVID-19 pandemic is the most serious of them all.
“You will have noticed that we have, as a necessity, ceased all fan-facing operations.
“With such uncertainty we shall all need to work together to ensure the impact of this crisis does not undermine the future stability of the club.
“This will include working with the wider football industry and its stakeholders to seek to restore the season – but only when it is safe and practical to do so.
“Our priority is the health and well-being of our staff, players, partners, supporters and their families.
“We shall look to come out of this stronger and more resilient than ever. Our hope is that the virus peaks over the coming weeks and that we have a summer to enjoy.
“Please look after yourselves and stay safe and healthy. This is more important than football.”
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